Panoramic view overlooking the Mediterranean Sea and the surrounding mountains.

Designed by world renowned architects.

Also worth mentioning is that Al Sayer Group which has dedicated all of its efforts to make Levant Holding's project a true success in Lebanon, will be offering all its means of support in executing this project, starting from its confidence that the return on this investment will be the greatest in the Mediterranean Sea region.

They were posted on the Al Sayer official website... interestingly they didnt refer to the project as "Phoenician Village" not once on the site (although it is not the website for the actual project), so I wonder if that will be the final name?

Kuwait-based developer Levant Holding said it wants to increase its capital 120 times to KD120 million ($411 million) as it gears up for a major development in Lebanon.

'The company is seeking to raise up to KD119 million by offering to prospective investors to subscribe in 1.08 billion shares,' the company said in a statement.

The company -- established by Kuwait's Al Dhow Investment Co to invest in developments in the Levant -- Syria, Jordan, Lebanon -- has paid-up capital of KD1 million.

The shares, to be offered by April 30 in a private placement subscription, will have a par value of 100 fils and a fee of 10 fils per share.

Its Lebanon project -- The Phoenician Village -- comprises hotels, residential, commercial and office compounds over an area of 50 acres in the heart of Beirut. The company said in an executive summary the project is expected to generate $1.3 billion in sales.

'This project will be a landmark in Central Beirut,' said Nasser Chamaa, chairman of Lebanese real estate giant Solidere, which is in charge of reconstruction in Beirut after Lebanon's 1975-90 civil war.

'The size of the project which exceeds $1 billion reflects the importance of Beirut as the capital for all Arabs,' he said.

Levant Holding's current capital of KD1 million will rise to KD120 million after the issue.

KUWAIT CITY: Levant Holding, a subsidiary of Al Sayer Group on Tuesday announced the launch of one of its maiden real estate projects in Solidere, Beirut at an event held at the Courtyard Marriott. The salient features of Levant Holding’s project, which is considered one of the biggest projects in the history of Lebanon are: It covers an area of 205,000 square meters and is located in the heart of Beirut. It is ten minute’s drive from the airport and 500 meters from the Nejmeh Square. The project is being designed by world-renowned architects and has a Panoramic view overlooking the Mediterranean Sea and the surrounding mountains. Through video presentations speakers explained various projects in depth, as the event brought together investors, businessmen and members of the press.

Investment
Talking about the investment climate in Lebanon, Dr Mansour Barakat of Audi Bank observed that the country has large growth reserves and appealing business environment in addition to attractive investment framework. Barakat, added by way of explanation that, “the private sector is the backbone of the Lebanese economy with diversified private sector activities and wide pool of financial resources. The country is open to foreign investments with solid corporate earnings coupled with strict regulatory supervision.”

“High liquidity is mitigating concerns about confidence crisis with adequate capitalization ratios exceeding the required standard. The country has accommodating market framework with no restrictions pertaining ownership. There is a strong cooperation among stake-holders for the capital market development,” he added.

A Kuwaiti shareholding company, Levant is offering for subscription, 1,190,000,000 shares, of which 1,080,000,000 shares will be offered for subscription to prospective investors and each share has a par value of 100 fils. The company is planning to raise up to KD 119,000,000 by offering to the prospective investors 1,080,000,000 shares representing, after the capital increase, approximately 90 per cent of the capital while the remaining shares of the company — ten per cent — will be divided among the existing shareholders.

Nasser Al-Shammaa, Chairman of the Board and Managing Director of Solidere talked about the importance of Solidere’s strategic location at the center of Beirut as it represents the business and touristic hub of Lebanon, and underlined the importance of Levant Holding’s project. He went on to add that the new project is considered as one of the most important investment projects in the Central Beirut District. Nasser Mohamad Al-Sayer, Mohamad Nasser Al-Sayer and Sons’ Chairman of the Board, in his speech welcomed the attendees, and gave brief introduction of Levant Holding saying, “it was established with an aim to give a platform for investors wishing to invest in the Mediterranean region.”

Al-Sayer also spoke about Lebanon’s strategic location that makes it the heart of the Middle East, and the meeting point of the three continents: Asia, Europe, and Africa. He called upon investors to capitalize on the project and added that Al Sayer Group will be the core foundation of the project through Al Dhao Investment Company. Levant’s main objective is to conduct its operations in compliance with Islamic rules and principles. The company will be guided by a Sharia supervisory committee appointed by the Board of Directors.

Thats what I thought at first, but the more I look at it the more I like... dont forget Martyrs Square will ALL look very different soon because of Beirut Gate, Saifi Village II and the residential buildings betwen Virgin Megastore and the Mosque...lots of projects going on there...

Thats what I thought at first, but the more I look at it the more I like... dont forget Martyrs Square will ALL look very different soon because of Beirut Gate, Saifi Village II and the residential buildings betwen Virgin Megastore and the Mosque...lots of projects going on there...

Yes i know but i hope they can give it the glamour it had before 1975! i mean that was the heart of Beirut i hope it'll be the heart again!

Phoenicia Village: Beirut's largest development yet
Project includes shops, offices and flats

BEIRUT: The development of Phoenicia Village, the biggest investment in Beirut's history, is expected to begin in June, Salah al-Mayyal, managing director of Levant Holdings - the shareholding company funding the project - said in an interview with The Daily Star.

Flanked by the Mediterranean Sea and Martyrs Square, the four-building, 22,000 square meter (207,000 of which is built-up area) complex will encompass two plots of land in the Beirut Central District. About 60 percent of units will be residential apartments, 20 percent will accommodate offices, 15 percent will be retail outlets, and about 8 percent will be hotels.

Mayyall says that Phoenicia Village will put Lebanon on the map as an attractive climate for foreign investment.

"Gulf investors always express interest in Beirut, but they are reluctant. We strongly believe that real-estate prices in Beirut are still under-valued, and the political developments since former Premier Rafik Hariri's assassination will lead to real-valuations in the future."

The Cabinet ministers green-lighted the land acquisition on April 13 - in only six days - and according to Mayyal the government, especially Prime Minister Fouad Siniora, has been very supportive. The same cannot be said of the Investment Development Authority of Lebanon however, which he calls "a disaster organization" that "needs to keep up with what's going on."

Levant Holdings, a Kuwaiti company, will finance the project once it raises $410 million in start-up capital. Since Levant issued an initial public offering four weeks ago, 60 percent of shares have been purchased and the expected delivery date is 42 weeks from June - when the fund is expected to close. The remainder of financing will come from prospective occupants, and there is a possibility of another public offering after construction has started.

Since it is a Kuwaiti company, 51 percent of shares must be held by Kuwaiti nationals or corporations, though the target is for Lebanese citizens to own 25 percent of shares. http://www.dailystar.com.lb

Since Levant Holdings has regional ambitions, the decision to spearhead its first project in Lebanon - a country for which sustained economic and political stability is less than certain - seems risky.

"That's the million-dollar question," says Mayyal, though for him it is worth closer to a billion. He argues that the Syrian withdrawal and the "internationalization" of Lebanon's problems ensure that investment will be protected. The national dialogue and the upcoming Beirut I donor conference - which will hopefully inject $6.1 billion into the local economy and reduce the public debt-further - bolster confidence for foreign investors.

Lebanon's booming real-estate sector is testament to this confidence. According to Bank Audi research, the value of property sales has grown from under $46 million in 1998 to over $64 million in 2005. Mayyal's experience bears this out; he says the valuation of the land purchased by Levant Holdings nine months ago has already risen 30 percent.

"If our company is making unrealized gains without even starting the building process, you get an idea of what an investment opportunity Lebanon is. This property has been around forever and we developed it a little bit and are already getting crazy offers."

He noted that since Beirut's real-estate market is also highly dollarized, it remains relatively impervious to domestic currency fluctuations.

He added that investing in countries whose "economies are imbalanced on the whole" is inherently risky, but imperative in today's market. Mayyal argued that the excess liquidity in the Gulf region should be mobilized to correct these imbalances and develop national service sectors.

"I think it is a disaster investing only in capital markets," he said, "and it is the responsibility of the private sector to create investment opportunities that lead to long-term growth."

The Phoenician Village, Beirut City Centre: A major property development project in Beirut City Centre has been announced at a press conference in Kuwait City, hosted by the Kuwaiti Investors Group comprising Al Sayer Group and Al Daw Investment Company, and in the presence of Dr. Nasser Chammaa, Chairman of Solidere - The Lebanese Company for the Development and Reconstruction of Beirut Central District.

Worth over $1.1 billion, the new project comes as part of the development of Martyrs' Square Grand Axis in the Beirut City Centre, which had called for the organization of an International Urban Planning Design Competition that resulted in the participation of over 220 architects and architecture firms, and was won by word renowned firms.

The project, called 'The Phoenician Village', will be developed on a land area of 20,000 square meters, with building rights of 206,000 square meters to create a mixed-use development including residential, commercial, entertainment and business centers. The project is located next to one of the distinguished historical surroundings within the Beirut City Centre, and will overlook the Mediterranean Sea and Lebanon's breathtaking mountain views.

During the press conference, Dr. Nasser Chammaa commented that "the project constitutes the evidence of the growing confidence in investing in property development projects in the Beirut City Centre, and in channeling regional capital for property development in our project, reflecting the significance of Beirut as a City for all Arabs." Solidere recently announced profits of US $108.5 million for 2005, representing a 100% increase on the financial results of 2004. The tremendous growth in land sales during the first quarter of 2006 resulted in land sales valued at US $1.1 billion, which exceeds by 4 times the value of its 2005 sales figures. In addition, further land sales transactions amounting to US $300 million are currently under negotiation.

The Lebanese company for the Development and Reconstruction of the Beirut City Centre, Solidere, is a joint stock Corporation incorporated in May of 1994 through an association of former property rights holders in the Beirut City Centre and cash investors. The Company's capital is $1.65 billion, with shareholders numbering about 35,000.

The rise in the value of Solidere shares was for a very solid reason. Kuwaiti investors from Al Sayer Group, announced that they intend to develop 1.3 billion dollar real estate project in central Beirut in partnership with Solidere.

This is the second huge project revealed by the giant real estate company in less than two months.

The name of the development will be Phoenician village and will cover an area of about 20,000 square meters or 5 acres.

The built up area will be about 206 000 square meters ( about 2 million Sq. Ft). It will include both residential and commercial properties.

The project will be based on the new design which was selected from 220 offers by international engineers and Engineering companies that have competed for this project, which will be in the Martyr square , in down town Beirut.

The announcement was made in Kuwait by the chairman of Solidere, Nasser el Shamaa. He said "this project reinforces the confidence of the Gulf investors in the Lebanese real estate market" .

He added: "This project will result in an increase in the profits of Solidere. The board of Directors will be meeting soon to declare the dividend that will be distributed to the shareholders.

Chamaa expected the company's net profits in 2006 to "way exceed" the $108.5 million earned last year. "In 2005 we've had a 100 percent increase in profits. So that gives you an idea of how our profits will expand considering that the margins of every sale now is increasing because we are increasing prices," Chamaa said.

Chamaa said Solidere had about $1.7 billion in cash and cash equivalents but no debt.

"We plan to pay it back to the shareholders ... it will be in dividends and share buybacks," Chamaa said

Launching of mega-property development project worth over US $1.1 bn in Beirut City Center

A second major property development project to take place in Beirut City Center has been announced at a press conference in Kuwait City, hosted by the Kuwaiti Investors Group comprising Al Sayer Group and Al Daw Investment Company, and in the presence of Dr. Nasser Chammaa, Chairman of Solidere - The Lebanese Company for the Development and Reconstruction of Beirut Central District, s.a.l..

Strong of its previous successes, Solidere is again proud to take part in the launching of another major property development whose total investment value exceeds of US $1,1 billion. This new project comes as part of the development of Martyrs’ Square Grand Axis in the Beirut City Center, which had called for the organization of an International Urban Planning Design Competition that resulted in the participation of over 220 architects and architecture firms, and was won by word renown firms.

The project, called “The Phoenician Village”, will be developed on a land area of 20,000 square meters, with building rights of 206,000 square meters to create a mixed-use development including residential, commercial, entertainment and business centers. The project is located next to one of the distinguished historical surroundings within the Beirut City Center, and will overlook the Mediterranean sea and Lebanon’s breathtaking mountain views.

During the press conference, Dr. Nasser Chammaa commented that “the project constitutes the evidence of the growing confidence in investing in property development projects in the Beirut City Center, and in channeling regional capital for property development in our project, reflecting the significance of Beirut as a City for all Arabs.”

Furthermore, most of the developers who invested in buying property in the Beirut City Center were able to sell their projects in a very short time and with excellent returns on investment, thus proving that Beirut has regained its role and status. All this is a result of Solidere’s achievements in increasing the demand for property development in downtown Beirut.

Solidere recently announced profits of US $108.5 million for 2005, representing a 100% increase on the financial results of 2004. The tremendous growth in land sales during the first quarter of 2006 resulted in land sales valued at US $1.1 billion, which exceeds by 4 times the value of its 2005 sales figures. In addition, further land sales transactions amounting to US $300 million are currently under negotiation.

Dr. Nasser Chammaa also announced that as a result of this incredible success in property development and land sales, the Company’s profits will be strengthened in the coming years. Based on the good results achieved in 2005, “Solidere will be making a dividend distribution, exceeding previous dividend distributions, after the General Assembly meeting in June 2006. Simultaneously, the Company’s Board of Directors has recently decided to propose a share buy-back program, whereby the Company will be buying part of its own shares. These shares will subsequently be cancelled, with a view to increase the value of the remaining shares, enhance confidence in the share on the market, and improve the return to investors in the future.”

This new mega-property development project will no doubt support and strengthen the investors trust in Beirut City Center, and will encourage Solidere to invest its experience in land development outside Lebanon and more specifically in the Arab world. This will positively reflect on the future financial results of the Company, and accordingly on its share value.

You aren't showing the entire area of the project in that aerial shot from Google Earth. To the north, directly across Trieste street right along the 1st basin of the port, they will build the shopping mall consisting of two low rise buildings there. It will be connected to the 4 highrises on the plot of land you pointed out with several pedestrian bridges that will go over Trieste street. I have a map of the whole project in a magazine I bought. I will see if I can scan it and post it.